Combining Loans with Mortgage

[househunter0]

Hi All

I would like some advice please as I'm unsure what to do. My boyfriend and I have recently taken out 100% mortage with Ulster Bank for a new house which is in the process of being built. At the time, we were told that we could only take out the mortgage on the price of the house and couldn't take any extra (we wanted to take extra to help with buying things to finish off the house).

My boyfriend has a car loan of 9k and we now need money to furnish the house, etc. What are our best of options on this? We can get a loan from the credit union as we have some money saved there, however, we would like to try and combine everything in to one - is there any possible way of doing this - of getting Ulster Bank to allow us more on the mortgage? We would prefer to do this instead of having 2 or 3 different loans in different places.

I would appreciate any advice any of you may have.

 

[liteweight]

I'm surprised the bank gave you 100% when you already had a 9k car loan. I don't think they will even entertain you if you go back for more. If I were in your position, I would do my best to pay off the car loan while the house was being built. This will give you some protection against interest rate rises in the future. The furniture will come eventually.

If you still have outstanding loans by the time you're 12 months in the house, you could look for a top up from Ulster Bank but I doubt you'll have much equity by then.